Phoenix Group has purchased a portfolio of equity release mortgages with a value of around £300m from Just Retirement Limited.

The long-term savings and retirement business said the acquisition was well aligned to its strategy of creating a diversified illiquid asset portfolio that supported growth in the bulk purchase annuity market.

It added that, through providing funding to the portfolio, it was securing the retirement plans put in place by borrowers and that customers would not need to take any action.

Phoenix CEO savings and retirement, UK and Europe, Andy Curran, commented: “Equity release is an important option for many people when it comes to meeting their financial needs later in life. It is a growing market that we fully support and know well, Phoenix have been active as a funder in the market since 2016.

"We’re delighted to have acquired this portfolio and to be securing the retirement plans for more borrowers.”

He added that he expected there to be “more activity from us in the equity release space in the coming months and years”.

He concluded: “This purchase is consistent with our group vision of helping people to and through retirement. Alongside pension savings, equity release is a valuable part of that toolkit for a growing number of people. This portfolio purchase is also supporting of our strategy to grow our bulk purchase annuity business.”

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